Insured gets $130k in settlement for a policy they were planning to surrender
WESTLAKE, Ohio – October 16, 2018 – Proformex, creator of a proactive life insurance policy monitoring platform designed to give insurance agents, advisors, fiduciaries and trustees better oversight and visibility into the performance of inforce life insurance policies, today announced one of its customer success stories. Wegman, Hessler & Vanderburg, a Cleveland-based law firm specializing in Business and Commercial Law, Creditors’ Rights and Estate Planning, used Proformex to help educate a policyowner on all his options when he decided he no longer needed to keep his life insurance policy inforce.
Their 62-year-old client was ready to surrender a term life insurance policy that was no longer needed. The client was not fully educated on the options available to him other than policy surrender.
“Without Proformex, the policy would have been surrendered for no value,” said Keith Vanderburg, Senior Partner of Wegman, Hessler & Vanderburg.
By using Proformex to monitor and manage clients’ policies, they were able to identify this client’s policy as a potential life settlement. Rather than surrendering the $1 million policy for no cash, the trustee went through the life settlement process and was able to sell the policy for $130,000.
“The life insurance industry can be complex for policyowners to thoroughly understand,” said Mike Pepe, CEO and Founder of Proformex. “That’s why it’s part of our mission to utilize the Proformex technology to better educate policyowners and trustees. We truly believe we can continue positively impacting people’s lives like we did by showing this policyowner a huge money-making opportunity he would have missed out on otherwise.”
About Wegman, Hessler & Vanderburg
A Law Firm that has been meeting the legal needs of individuals, organizations and businesses since 1968 committed to excellence and to being responsive to our clients’ needs which, in turn, has nurtured our development into a multi-talented and unique firm offering the skills and talents of our attorneys in a number of critical practice areas.
Headquartered in Westlake, Ohio and founded in 2016, Proformex is the provider of on-demand, SaaS solutions to life insurance policy owners, beneficiaries, insurance agents and fiduciaries. Designed to proactively alert customers of potential problems with their life insurance policies, Proformex protects policies against lapsing, degradation and asset erosion. By monitoring five key contract parameters – lapse age, death benefit, premium, crediting rate and Comdex – Proformex offers better portfolio oversight and control.